Financial transactions systems are typically used to provide a consumer with access to funds for a purchase of some sort. Many financial transaction systems are token based as they require the consumer to submit a token, usually in the form of a credit, debit, or smart card, that identifies a financial account associated with the consumer. A terminal associates the financial account data and the customer data stored in the token with transaction data to generate a transaction message. The transaction message is then transmitted via a communication network to a host system that validates the association of the account and customer data and generates an authorization message for the transaction. The authorization message is returned to the terminal and the terminal indicates whether the host system approved the transfer of funds from the account associated with the consumer to the entity from which the consumer is making a purchase. If the transaction is approved, the consumer acknowledges the transaction approval and receives the goods or services. Transactions supported by tokens granting access to financial accounts are a benefit to consumers because they reduce the need for consumers to carry cash and consumers are protected from unauthorized use of lost or stolen tokens if the consumer promptly notifies an account provider of the token loss.
In the financial transaction system discussed above, the consumer must carry a token for the specific purpose of implementing transactions. In fact, most consumers in western hemisphere countries carry multiple tokens in the event that the consumer desires to access a financial account. Multiple tokens are carried because a typical consumer has one or more credit and/or debit accounts with one or more financial institutions and may have more purchase accounts with one or more retailers. Carrying a plurality of financial tokens presents a number of problems for consumers. For one, loss of an infrequently used card may not be detected until the next opportunity arises for use of the token or a bill is received that indicates unauthorized use of the card is occurring. In either event, the notification period that relieves the consumer of liability may have expired. Another problem arises when a consumer loses his or her wallet that contains the tokens. Loss of multiple tokens may require the prompt notification of several financial institutions or retailers to avoid assessment of charges arising from unauthorized use of the tokens.
Consequently, what is needed is a financial transaction system that does not require a consumer to have a token to support a transaction.
What is needed is a financial transaction system that does not require a consumer to have a separate financial account identifier for each account maintained by a consumer.